41–50 of 131 posts
The article headline is clickbait. They're immediately doing payouts through JP Morgan Chase now; the only delay is because some payouts were in flight when they got stuck in SVB, so if a payout was started via SVB a few days ago and was going to arrive today (because bank transactions aren't instantaneous), the new payouts will take a few days to arrive via JP Morgan Chase.
Earlier quoted context omitted.
Off to the Department of Labour, they won't look kindly on late paychecks.
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Do businesses not do any risk assessments to prevent things like this from happening? Especially a business that is providing a critical service to businesses. Why are they using a regional bank to handle this?
The article headline is clickbait. They're immediately doing payouts through JP Morgan Chase now; the only delay is because some payouts were in flight when they got stuck in SVB, so if a payout was started via SVB a few days ago and was going to arrive today (because bank transactions aren't instantaneous), the new payouts will take a few days to arrive via JP Morgan Chase.
So it’s literally not clickbait and payments were delayed…
A non-clickbait would say what gp said.
Earlier quoted context omitted.
Off to the Department of Labour, they won't look kindly on late paychecks.
For those unaware, dept of labor takes late paychecks seriously and will help you as a worker. Late paychecks and other forms of wage theft make up the single largest category of theft. Too bad more people are riled up over small time crimes like shoplifting leaving many in the dark about what they can do about their employers stealing from them.
Do businesses not do any risk assessments to prevent things like this from happening? Especially a business that is providing a critical service to businesses. Why are they using a regional bank to handle this?
Payroll being delayed a few days is indeed annoying, but it's not the end of the world.
Earlier quoted context omitted.
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Can you please explain why you normalize deviance and shoddiness? We have an issue here - business runs on trust, and crooks and sloppiness reduce the will to engage in commerce.
To be clear, this isn’t about employers using SVB. This is because Rippling, a payroll vendor, uses SVB to transact payroll on behalf of customers.
This was entirely out of the control of the employer, most of which are scrambling along with Rippling to make employees whole ASAP.
This article is slightly click-baity. The payments are delayed in some cases, not held out altogether. From what I'm hearing so far, Rippling has changed banks over night and has instructed all clients to update the ACH filters accordingly. Only payroll cycles caught in-between will be affected, but even then they are delayed, but not held.
> The payments are delayed in some cases, not held out altogether That would still be a disaster for me. But I guess that says more about me and my lack of financial stability, than it says about anyone else..
None of us should be. Not just to protect ourselves from weird situations from this.
Financial freedom is power in so many ways. (and peace of mind)
This article is slightly click-baity. The payments are delayed in some cases, not held out altogether. From what I'm hearing so far, Rippling has changed banks over night and has instructed all clients to update the ACH filters accordingly. Only payroll cycles caught in-between will be affected, but even then they are delayed, but not held.
We just received this from Rippling: Hi Rippling Customer, Yesterday afternoon, Rippling learned that Silicon Valley Bank (SVB) had solvency challenges. We have been working with SVB to ensure timely payments to our customers’ employees. However, this morning we learned that the FDIC had stepped in and taken control of SVB. We are reaching out to you because you have a payroll that has already been processed for 3/15…
Rippling should be working with FDIC to sort out these in-flight payments, not asking their customers this. When I reached their support team for what the additional instructions are, I couldn't get an answer. This situation sure doesn't look great.